Town and Country Financial Corporation Reports Third-Quarter 2017 Net Income and Dividend
Town and Country Financial Corporation (OTC Pink: TWCF) reported third quarter net income of $1.3 million or $0.44 per share, compared with $1.3 million or $0.47 per share in the third quarter of 2016. While Mortgage Banking profits were down in the third quarter 2017 compared to third quarter 2016, Core Banking profits were up significantly in this period.
Discussion of Nine Month Results
For the first nine months of 2017, the company reported $3.9 million in net income or $1.37 per share, a 39% increase compared with $2.8 million or $1.00 per share in the same period last year. This year’s results include $245 thousand in after-tax security gains as compared to $56 thousand during the same period last year.
Total Assets were $745.7 million on September 30, 2017, slightly higher than $734.0 million on September 30, 2016. For the first nine months of 2017, net revenue was $24.4 million, up 9.4% compared with $22.3 million in 2016. The tax equivalent net-interest margin improved to 3.33% in 2017 compared to 3.23% for the comparable period last year. And loans grew a modest 2.3% to $492.7 million at September 30, 2017 over the same time last year. Non-interest expense was up by $685 thousand during the first nine months of 2017 over the comparable period last year, primarily reflecting the growth from the acquisitions in 2016.
The reported book value per share was $18.31 per common share compared with $16.52 per share one year ago. The parent holding company reported an investment in Town and Country Bank of $73 million at Sept. 30, 2017, borrowings of $12.5 million, and trust preferred securities of $13.5 million.
President and Chief Executive Officer, Micah R. Bartlett, commented, “The first nine months of 2017 yielded continued improvement including a return on equity of 10.44%. In addition, asset quality remained strong as the level of non-performing loans was just 0.45%, and total risk-based capital in Town and Country Bank was sound at approximately 12.6%.”
Mr. Bartlett added, “Town and Country continued to prosper and grow our markets during 2017. We focused on enhancing our franchise by capitalizing on last year’s entry into Metro-East and Morgan County and have since augmented our team with highly seasoned leaders in both markets as well as building a team of commercial relationship professionals. In addition, we recently announced our entry into McLean County through the addition of a Loan Production Office in Bloomington-Normal and recruited a seasoned leader who is now building a commercial team. And our plans call for augmenting this market with the addition of mortgage banking representatives in the near future.”
The Board of Directors declared a $0.04 per share quarterly cash dividend payable on December 15, 2017 to stockholders of record as of December 1, 2017.
Town and Country Financial Corporation is the parent holding company for Town and Country Bank and Town and Country Banc Mortgage Services, Inc. with offices in Bloomington-Normal, Buffalo, Decatur, Edwardsville, Fairview Heights, Jacksonville, Lincoln, Mt. Zion, Springfield and Quincy. Quincy operates under the name of Peoples Prosperity Bank. Town and Country Financial Corporation shares are quoted under the symbol TWCF.
Contact: John E. Staudt (217) 787-3100